Non-Disclosure Cost Seller In Laurel Maryland

I was hours away from going to settlement with my buyers on a home in a gated community in Laurel Maryland. The buyers were on the phone with their insurance agent setting-up their insurance on the new home.

The insurance agent asked my buyers if they knew the property had major water damage to it less than two years ago. The cost of repair was $21,000!

Myself and my buyers had no idea this had occured. It was not disclosed to us by the listing agent or the sellers.

When informed of this, I immediately got the listing agent on the phone. She claimed she had not been told by the sellers about the water flooding in the basement. The sellers did explain that a sump pump broke and the basement flooded.

My buyers decided not to buy the property.

My buyers had an awful experience with a flooded basement on a previous home and had no interest in buying a home that had a history of a previous problem. In fact, had they known about this issue, they never would have written a contract on this property.

Sellers need to disclose everything, even if an item was fixed and repaired.

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